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Assembly Bill A3703

2021-2022 Legislative Session

Relates to debt relief from predatory debt collectors

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Archive: Last Bill Status - In Assembly Committee

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2021-A3703 (ACTIVE) - Details

See Senate Version of this Bill:
S3065
Current Committee:
Assembly Judiciary
Law Section:
General Business Law
Laws Affected:
Amd §602, Gen Bus L
Versions Introduced in 2019-2020 Legislative Session:
A8603, S6751

2021-A3703 (ACTIVE) - Summary

Relates to debt relief from predatory debt collectors; authorizes a debtor to bring an action or counterclaim against a principal creditor who employs deceptive acts or practices in collecting a debt from the debtor.

2021-A3703 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3703
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2021
                                ___________
 
 Introduced by M. of A. KIM -- read once and referred to the Committee on
   Judiciary
 
 AN  ACT  to  amend  the general business law, in relation to debt relief
   from predatory debt collectors
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Section  602  of  the  general business law is amended by
 adding a new subdivision 4 to read as follows:
   4. IN ADDITION TO THE RIGHT OF ACTION GRANTED TO THE ATTORNEY  GENERAL
 PURSUANT  TO  THIS  SECTION AND SECTION THREE HUNDRED FORTY-NINE OF THIS
 CHAPTER, IF A PRINCIPAL CREDITOR EMPLOYS ANY DECEPTIVE ACTS OR PRACTICES
 IN COLLECTING A DEBT FROM A DEBTOR, OR VIOLATES ONE OR  MORE  PROVISIONS
 OF  SECTION  SIX HUNDRED ONE OF THIS ARTICLE IN COLLECTING A DEBT FROM A
 DEBTOR, SUCH DEBTOR MAY BRING AN ACTION OR COUNTERCLAIM AND MAY  THEREBY
 EXTINGUISH THE DEBT ALLEGEDLY OWED, IN WHOLE OR IN PART. THE COURT SHALL
 EXTINGUISH  THE  DEBT IN ITS ENTIRETY IF THE DEBTOR HAS ASSETS LESS THAN
 THAT OF THE PRINCIPAL CREDITOR WHO HAS EMPLOYED DECEPTIVE ACTS OR  PRAC-
 TICES, PROVIDED THAT THE DEBTOR HAS NOT COMMITTED A CRIMINAL FRAUD UNDER
 THE  PENAL  LAW. THE COURT SHALL PLACE SIGNIFICANT WEIGHT ON THE STATE'S
 POLICY OF DETERRING DECEPTIVE ACTS AND PRACTICES IN CONNECTION WITH DEBT
 COLLECTION, AS WELL AS THE STATE'S INTEREST IN PROVIDING MEANINGFUL DEBT
 RELIEF TO ITS CITIZENS. THE COURT MAY AWARD REASONABLE  ATTORNEY'S  FEES
 TO A PREVAILING DEBTOR.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03004-01-1

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